Siemens looks to sell SOFC business
Siemens Power Generation Inc. is looking to sell its solid oxide fuel cell business, which employs 131 at a plant in the Pittsburgh suburb of Churchill.
The fuel cell business "is not a core competency for its energy business," according to a statement from the company, which is based in Orlando, Fla. It is a division of Siemens AG, based in Munich, Germany.
Siemens (NYSE: SI) and the U.S. Department of Energy have been investing in research and development of solid oxide fuel cell technology since 2002. The fuel cells are being developed as an alternative energy source.
The move is part of a restructuring announced Friday that could eliminate 17,000 jobs worldwide, according to a report by Dow Jones Newswires. The company declined to comment on that report.
http://www.bizjournals.com/pittsburgh/stories/2008/06/23/daily40.html
Source: Pittsburgh Business Times
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